They are those invisible hands behind connecting your money to the shopping site you just transacted with. RazorPay is India’s leading payment gateway and boasts an impressive client list. The four-year journey of RazorPay since its inception is applause-worthy.
But, how does a company that’s not dealing with its customers directly get into the market and spread its roots so firmly that even tier-1 companies line up to associate with them?
It takes a smart understanding of competition, target consumers and of course, as they say, marketing, which is no more about the stuff you make, but the stories you tell.
The company recently concluded the RevUp session in Delhi that helps startups overcome crucial starting up challenges. Sidharth Dhamija, Chief Growth Officer at RazorPay, gives us a peek into the company’s unparalleled marketing hacks.
How much of Razorpay’s success would you attribute to right marketing since you are not directly into the B2C business?
For me, marketing is all about resonating my brand and getting the value to my customers. A lot of it goes to the fact that all our customers are reference-able. Any messaging from RazorPay is nothing but coming from our customer case studies.
At times, there is a gap in what you are trying to communicate as a brand and what the customers perceive you as. If that’s not cohesive, it’s plain confusion. From the beginning, we were very vocal that we are India’s first full-converged payment gateway. That was the messaging we started off with. It went through all our mediums, all our people.
Our focus was on a single agenda – that we are a technology company and it is our forte. Customers loved that fact and tech-friendly customers were our first customers; they still are.
With so much of marketing being social-media driven, do you think it helps or just adds to unnecessary competition?
I don’t think it’s wise for me to say marketing and social media are different. Social media is very much an integral part of my marketing campaigns. We use Facebook, Twitter, LinkedIn as one of our most effective channels, and it has certainly given us a lot of value over time. We have been rated very fairly by all media channels.
In India, RazorPay is the first to bring the payment gateway market. Earlier it was all US services, targeting their market was a big risk. How did you combat it?
Neither did we combat nor did we copy the US technology. Our X-factor is getting simplicity on a transaction on both sides – merchant and consumer. Fortunately, or unfortunately, what we do is also being done in developing economies like the USA so we tend to be compared, but that doesn’t mean our product is same as theirs.
RazorPay is meant for the Indian market, Indian consumers. It works as per Indian ecosystem, say low bandwidth, poor penetration of internet, low-quality handset and more.
Events like RevUp are a boost for startups. In what ways, do they really help them?
RazorPay’s growth story has primarily been on account of startups and SMEs taking up and helping us grow. They have contributed to the roadmap. These are young brains with an amount of knowledge and domain enterprise, which is unparalleled. With RevUp, as a part of CSR, we want to give our bit to startups.
Anybody who registers here can use our portal free for the next six months. Start your own business, take a risk, help your business scale up to that level and then we’ll charge you money. Since then, no TDR.
Do you feel, there is a need for building startup communities?
I give it my full vote. Not just building, since you cannot help much in birth and evolution, but what you can always help them is to grow and to transform. So, there’s very much a need.